The West African solar energy company Daystar Power has partnered with Trine a Swedish investment platform to finance solar power systems in West Africa.
Both companies initiated their partnership by opening a round of debt investments for a total of EUR 500,000 for Daystar Power’s latest captive power installations for commercial customers in Togo and Senegal.
This partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public.
The financing round would allow individuals and companies to invest in Daystar Power’s projects with a minimum investment amount of EUR 25.
In an interview, the Executive Chairman of Daystar Power, Christian Wessels expressed excitement about the partnership with Trine, adding that the partnership would allow a new class of Investors to invest in solar power plants in West Africa.
Traditionally, investments in solar power plants in Africa have been reserved for large institutional investors. Trine and Daystar Power are changing this, by enabling individuals and companies to participate in financing the expansion of solar power. The current financing round will help Daystar Power expand its footprint of installations from Ghana and Nigeria to Togo and Senegal.
Christoffer Falsen, CFO and co-founder of Trine, said, “We are happy that with Daystar Power, we have found our first partner company which is active in the commercial and industrial space of solar power. We are confident that through our loans, Daystar Power will be able to make significant contributions to protecting the environment and fostering local job creation.”